REGISTERED COMPANY NUMBER: N1025664 (Northern Ireland) REGISTERED CHARITY NUMBER: 102482 Report of the Trustses and Unaudited Financial Statements for the Year Ended 31 December 2023 Aughnacloy Development Association Ltd. (A Company Limited by Guarantee)
Aughnacloy Development Association Ltd. Contents of the Financial Statements for the Year Ended 31 December 2023 Page Report of the Trustees I to 2 Independent Examiner's Report ststement of Financial Activities Balan Sheet Notes to the Financial Statements 7 to 13 Detsiled Statement of Financial Activities 14 to 15
Aughnacloy Development Association Ltd. Report of the Trustees for the Year Ended 31 December 2023 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Finanaal Reporknng Standard applicable in the UK and Republic of Ireland (FRS 102) (effettive I January 2019). OBJECTIVES AND AcfivITIES Objectives and aims Our activities include the provision of day care facilities for disabled adults from the Clogher Valley area as well as short term residential accommodation and shop units. We organise fundralslng events to asslst with the development of the town and distritt of Aughnacloy. FINANCIAL REVIEW Reserves policy The results for the year are set out in detail on page 4 onwards. The charity returned a net surplus of £25,964 for the year ended 31 December 2023 (2022 - £10,723). The charity does not maintain a formal reserves policy however the Board of Directors continue to monitor the level of reserves held by the charity and are satisfied that these are adequate to meet any unforeseen expenditure incurred. srRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Att 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1025664 (Northern Ireland) Registered Charity number 102482 Registered office The Mccreedy Mill Centre Caledon Road AUGHNACLOY Co. Tyrone BT69 6AL Trustees Paddy Douglas John Tweedle Millar Tom Quinn stephen Salley Gwen Stevenson John Ward Page I
Aughnacloy Development Association Ltd. Report of the Trustees for the Year Ended 31 December 2023 REFERENCE AND ADMINisfRATIVE DEfAILS Independent Examiner Gildemew & Co Ltd Six Northland Row DUNGANNON Co. Tyrone BT716AW Approved by order of the board of trustees on 15 May 2024 and signed on its behalf by: Gwen Stevenson - Trustee Page 2
Independent Examtner's Report to the Trustees of Aughnacloy Development Association Ltd. I report on the accounts of the company for the year ended 31 Dember 2023, whlch are set out on pages four to thlrteen. Respective responsibilities of charity trustees and examiner As the charity's tnjstees (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satlsfied myself that the charity is not subjett to audit under company law and is eligible for Independent examination, it Is my responsibllity to: examine the accounts under Settion 65 of the Charities Act follow the procedures laid down in the general Dlrections given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Att stste whether particular matters have come to my attention. Basis of the independent examiner's report I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. That accounting records were not kept in accordance with Sertion 386 of the Companies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the Charities Ststement of Recommended Practi applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no cOnmS in respect of the matters (l) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Mr Gerard Gildernew FCA Gildernew & Co Ltd Six Northland Row DUNGANNON Co. Tyrone BT716AW 15 May 2024 Page 3
Aughnacloy Development Association Ltd. Statement of Financial Activities for the Year Ended 31 December 2023 2023 Total funds 2022 Total funds Unrestritted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donatlons and legacies 3,000 3,000 4,500 Investment income 40,288 40,288 39,423 Total 43,288 43,288 43,923 EXPENDrruRE ON Raising funds 17,324 17,324 33,200 NET INCOME 25,964 25,964 10,723 RECONCILIATION OF FUNDS Total funds brought fomard 644,943 644,943 634,220 TOTAL FUNDS CARRIED FORWARD 670,907 670,907 6H,943 The notes form part of these financial statements Page 4
Aughnacloy Development Association Ltd. Balance Sheet 31 December 2023 2023 Total funds 2022 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible assets 545,245 545,245 546,987 CURRENT ASSETS Debtors Cash at bank and in hand io 15,248 113,333 15,248 113,333 4,427 97,212 128,581 128,581 101,639 CREDrroRS Amounts falling due within one year 11 (2,919) (2,919) (3,683) NEf CURRENT ASSETS 125,662 125,662 97,956 TOTAL ASSETS LESS CURRENT LIABILITIES 670,907 670,907 644,943 NET ASSETS 670,907 670,907 644,943 FUNDS Unrestricted funds 12 670,907 644,943 TOTAL FUNDS 670,907 644,943 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Secknon 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Settions 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair vlew of the state of affairs of the charstable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Att 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes form part of these finanaal statements Page 5 continued...
Aughnacloy Development Association Ltd. Balance Sheet - continued 31 December 2023 These financial statements have been prepared in accordan with the provisions applicable to charitable companies subjett to the small companles regime. The financial statements were approved by the Board of Trustees and authortsed for issue on 15 May 2024 and were signed on its behalf by: Gwen Stevenson - Trustee The notes form part of these financial statements Page 6
Aughnacloy Development Association Ltd. Notes to the Financial Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charitles SORP (FRS 102) 'Accounting and Reporting by Charities: Ststement of Recommended Prattl applicable to charities preparing their aounts in accordan with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Flnancial Reporknng Standard applicable in the UK and Republic of Ireland, and the Companies Att 2006. The financial statements have been prepared under the historical cost convention, as mc(lified by the revaluation of certaln assets. Income All income is recognised in the Statement of Financial Attivities once the charity has entitlement to the funds, It Is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or construttive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be direttly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Plant & Machinery 20% Reducing Balance Plant and machinery are valued at cost. Freehold propety is carried at its revalued amount being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Taxation The charity is exempt from corporatlon tax on its charitsble activities. Fund accounting Unrestricted funds can be used in accordan with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for partrcular restrtcted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund Is Induded in the notes to the financlal statements. Page 7 continued...
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2023 DONATIONS AND LEGACIES 2023 2022 Council grants 3,000 4,500 INVEsfMENT INCOME 2023 2022 Rents received 40,288 39,423 RAISING FUNDS Raising donations and legacies 2023 2022 Security Christmas lights expenses Support costs 50 2,804 6,089 430 2,579 8,014 8,943 11,023 Investment management costs 2023 2022 Portfollo management Consulting fees Property repairs Depreciation 802 860 4,977 1,742 2,350 696 17,409 1,722 8,381 22,177 Aggregate amounts 17,324 33,200 Page 8 continued...
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2023 SUPPORT Cosrs Governance costs Management Finan Totals Raising donations and legacies 3,969 491 1,629 6,089 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting).' 2023 2022 Depreciation - owned assets 1,742 1,722 TRusfEES' REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 Dember 2022. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 Dember 2022. COMPARATIVES FOR THE sfATEMENT OF FINANCIAL ACTIVITIES Unrestritted fund Restritted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 4,500 4,500 Investrnent income 39,423 39,423 Total 43,923 43,923 EXPENDITURE ON Raising funds 33,200 33,200 NET INCOME 10,723 10,723 RECONCILIATION OF FUNDS Totsl funds brought forward 634,220 634,220 Page 9 continued...
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2023 COMPARATIVES FOR THE sfATEMENT OF FINANCIAL ACTIvfTIES - continued Unrestricted fund Restricted funds Total funds TOTAL FUNDS CARRIED FORWARD 644,943 644,943 TANGIBLE FIXED ASSETS Freehold propety Plant and machinery Totals cosr At l January 2023 and 31 December 2023 775,730 33,240 808,970 DEPRECIATION At l January 2023 Charge for year 235,730 26,253 1,742 261,983 1,742 At 31 Defflber 2023 235,730 27,995 263,725 NET BOOK VALUE At 31 December 2023 540,000 5,245 545,245 At 31 Detrmber 2022 540,000 6,987 546,987 The company's freehold propety was valued at 31 December 2023 at £540,000. If the property continued to be carried under the cost model its net bcrf)k value at 31 Dernber 2023 would be £286,644. io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors Prepayments and accrued income 13,342 1,906 4,423 15,248 4,427 Page 10 continued...
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors VAT Accruals and deferred income 1,211 474 1,234 2,842 841 2,919 3,683 12. MOVEMENT IN FUNDS Net movement in funds At 31112123 At 111123 Unrestricted funds General fund 644,943 25,964 670,907 TOTAL FUNDS 644,943 25,964 670,907 Net movement in funds, included in the above are as follows.. Incoming resour Resources expended Movement in funds Unrestricted funds General fund 43,288 (17,324) 25,964 TOTAL FUNDS 43,288 (17,324) 25,964 Comparatives for movement in funds Net movement In funds At 31112122 At 111122 Unrestricted funds General fund 634,220 10,723 64,943 TOTAL FUNDS 634,220 10,723 644,943 Page 11 continued...
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2023 12. MOVEMENT IN FUNDS- continued Comparative net movement In funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 43,923 (33,200) 10,723 TOTAL FUNDS 43,923 (33,200) 10,723 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31112123 At 111122 Unrestricted funds General fund 634,220 36,687 670,907 TOTAL FUNDS 634,220 36,687 670,907 A current year 12 months and prior year 12 months combined net movement in funds, included in the aLN)ve are as follows.. Incoming reSoUrS Resources expended Movement in funds Unrestricted funds General fund 87,211 (50,524) 36,687 TOTAL FUNDS 87,211 (50,524) 36,687 Page 12 contlnued...
Aughnacloy Development Association Ltd. Notes to the Financial Statements - continued for the Year Ended 31 December 2023 13. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2023. Page 13
Aughnacloy Development Association Ltd. Detailed Statement of Financial Activities for the Year Ended 31 Dember 2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacies Council grants 3,000 4,500 Investment income Rents received 40,288 39,423 Total incoming resources 43,288 43,923 EXPENDrruRE Raising donations and legacies Security Christmas lights expenses 50 2,804 430 2,579 2,854 3,009 Investment management costs Portfolio management Consulting fees Propetty repairs Depreciation of tangible fixed assets 802 860 4,977 1,742 2,350 696 17,409 1,722 8,381 22,177 Support costs Management Insurance Light and heat Telephone Postage and stationery Advertising Sundrles 1,541 410 489 3,129 880 407 38 loo 1,130 81 3,969 5,684 Finance Bank charges 491 548 Governance costs Accountancy and legal fees 1,629 1,782 Thls page does not form part of the statutory financial statements Page 14
Aughnacloy Development Association Ltd. Detailed Statement of Financial Activities for the Year Ended 31 December 2023 2023 2022 Total resources expended 17,324 33,200 Net income 25,964 10,723 This page does not form part of the statutory financial statements Page 15